Intercorporate transactions at the Hinduja Group continue. The board of Hinduja Leyland Finance, an NBFC, has approved its merger into NXTDIGITAL – also a Hinduja Global Company, which is listed on the BSE and NSE.

Hinduja Leyland Finance is an NBFC and caters to vehicle financing. It currently has an AUM of ~Rs 29,000 crore, and Ashok Leyland has about a 69% stake in Hinduja Leyland Finance.

Now, this NBFC will be merged into NXTDIGITAL. NXTDIGITAL used to be a media company, but they sold their business to Hinduja Global Solution. So NXTDIGITAL had become a shell company, and now it will turn into an NBFC after it merges with Hinduja Leyland Finance.

This appears to be a back door entry for Hinduja Leyland Finance to list without an IPO process. The merger of Hinduja Leyland Finance and NXTDIGITAL will happen via a share swap ratio.